Dive Brief:
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More than 108 million square feet of office space is under construction, more than during any year since 2009, commercial real estate information firm CoStar reported on Wednesday.
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In the first quarter of 2015, approximately 15 million square feet of newly constructed office space was delivered in the U.S., the report said.
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Five years of modest growth in the sector led to first-quarter 2015 deliveries that exceeded the national demand for office space.
Dive Insight:
High office rents have made building new space a viable alternative to buying existing buildings, the report noted. As a result, the amount of office space under construction is approaching its traditional average of 122 million square feet per quarter, according to CoStar office market data.